Thank you, Rutuja. Good afternoon, everyone.

On behalf of ICICI Securities, I welcome everyone to the JNK India's Q4 FY26 earnings call. From the management team, we have Mr.

Arvind Kamath, Chairperson and Whole-Time Director; Mr. Anand Agarwal, Interim CFO; and Ms.

Anne Varghese, Senior Manager, Investor Relations. Without further delay, I will now hand over the call to the management for the opening remarks, which will be followed by Q&A.

Thank you, and over to you, sir.

Good afternoon, and thank you for joining JNK India's Q4 and FY26 earnings call. I am Arvind Kamath, Chairperson and Whole-Time Director, and I am happy to report a set of strong numbers since our listing, reflecting the effectiveness of our business model and disciplined execution.

These results underscore the progress of our strategic initiatives and our continued focus on creating sustainable value for all the stakeholders. We appreciate your ongoing engagement and trust as we move forward in the next phase of growth.

For Q4 FY26, the company delivered a strong quarter, the total revenue of ₹344.6 crore, representing a 69.2% year-on-year increase. Operating profit is ₹86.6 crore, up 80.9% compared to Q4 FY25, with the operating margin expanding by 162 basis points to 25.1%, and EBITDA stood at ₹52.3 crore, reflecting an 89.9% year-on-year increase, with the margin improving by 165 basis points to 15.2%.

Profit after tax amounted to ₹33 crore, making an exceptional 149.5% increase, with the PAT margin rising by 309 basis points to 9.6%. Building on this quarterly momentum, the company delivered strong results for the full fiscal year.

Total revenue for FY26 reached to ₹838 crore, up 68% over FY25, supported by continued demand across the company's key business verticals and disciplined execution alongside focused strategic initiatives. From a profitability perspective, operating profit reached to ₹212.3 crore, reflecting a 45.3% year-on-year increase.

EBITDA increased to ₹111.3 crore, up 71.6% compared to FY25, with the EBITDA margin improving to 13.3%. Profit after tax amounted to ₹64.8 crore, marking a remarkable 114.6% year-on-year increase, with the PAT margin expanding by 163 basis points to 7.7%.

The company also reported order inflows of ₹1,694.4 crore during the year, contributing to a total order book of ₹1,961.4 crore as of 31st March 2026. The company's improved financial performance was further reflected in key efficiency metrics.

Return on equity increased to 12.1%, while return on capital employed improved to 19.1% in FY26 compared with the previous year. As part of its strategic initiatives in FY26, JNK India also advanced its long-term growth strategy through the formation of a joint venture focused on green hydrogen and sustainable chemical and fuel technologies, enhancing its capabilities and positioning JNK India to capitalize on emerging opportunities in the clean energy sector.

I am pleased to share that in its first year of operation, JNK ChemDist Technologies contributed approximately 7% to the group's revenue, making an important step in building the company's presence in clean energy and sustainable technologies with about six months of operation only. Looking ahead from FY26, JNK India is focused on executing its project pipeline and strengthening its presence in key sectors including refining, petrochemicals, fertilizers, and renewable energy.

The company will continue to advance its strategic initiatives, including the green hydrogen and sustainable chemicals joint venture to expand technological capabilities and participating in emerging clean energy opportunities. Hence, we expect a revenue growth of around 25% to 30% in FY27.

With operational efficiency, project execution expertise, and an expanding presence in both Indian and select international markets, JNK India is well-positioned to meet evolving industry demands. The company remains committed to leveraging its engineering strength and strategic partnerships to drive sustainable growth, enhance market presence, and deliver long-term value to stakeholders.

Thank you.

Thank you, Arvind, sir. Good afternoon, everyone.

I am pleased to take you through the detailed financial and operational performance for quarter 4 and financial year 2026. During quarter 4 FY26, the company recorded total revenue of ₹344.6 crore, a 69.2% increase over ₹203.6 crore in the same quarter of FY25.

On the profitability front, operating profit for quarter 4 FY26 was ₹86.6 crore, reflecting a growth of 80.9% year-on-year, with an operating margin of 25.1%. EBITDA for the quarter stood at ₹52.3 crore, showing a remarkable 89.9% year-on-year increase, with an EBITDA margin of 15.2%.

Profit after tax for quarter 4 FY26 was ₹33 crore, reflecting an exceptional 149.5% year-on-year growth, with a PAT margin of 9.6%. During FY26, the company recorded total revenue of ₹838 crore, a 68% increase over ₹498.7 crore in financial year '25.

For FY26, heating equipment contributed 72.7% of the revenue, process plant contributed 17.4% of the revenue, and special fabricated equipment contributed 3.1%, and flare, incinerator, and other segments contributed 6.3% of the revenue. As of 31st March 2026, our order book remains strong, standing at ₹1,961.4 crore with a well-diversified composition.

Geographically, 97.5% of our current order book is driven by Indian customer requirements, and 2.5% of the order come from international market. In terms of the vertical, heating equipment remains the largest contributor to our order book, accounting for approximately 94% of the total order value.

The process plant sector follows with a contribution of 3.5%, while our new segment, special fabricated equipment, contributes 1.3%. Flare and incinerator account for around 1.2% of the total order book.

JNK India's financial performance in FY26 reflects strong capital efficiency and disciplined management. Company delivered a return on equity of 12.1% and a return on capital employed of 19.1%, underscoring effective utilization of equity and overall capital to drive profitability.

Looking ahead, JNK India will continue to emphasize financial discipline and capital efficiency in FY27 as well. The company is focused on sustaining profitability, enhancing operating margins, and generating strong cash flow to support its ongoing operations and strategic priorities.

With continued emphasis on cost management and efficient utilization of capital, JNK India is well-positioned to deliver consistent return and create long-term value for its shareholders. Thank you.

Yes, please.

Thank you for the opportunity, and congratulations on a great set of numbers. My first question is on the margin front.

The EBITDA margin has been expanding sharply both sequentially as well as the YoY. How much of this was driven by the project mix shift when we compare higher service component versus supply, and what is the new normalized run rate for EBITDA?

That is my first question.

Hi, Palash. Thanks.

Basically, yeah, as you've seen quarter-on-quarter, I think we kind of doing better in terms of the EBITDA in the last year, and we had also projected this during our earlier calls as well. Like in the Q1, EBITDA was about 7%, Q2 was 12%, Q3 was about 14%, and Q4 we've clocked more than 15%.

I would say more than the service and the goods mix, it's more to do with the project mix because the old projects which we had to executed, which did most of the part in the Q1 and Q2, could be completed, and Q3 onwards, the new projects which we had also on the input accounting method, which we are accounting on. That has been coming to the picture.

So 14% to 15% is what basically is the normal EBITDA going forward also which we expect in this range.

Okay. Basically, it was attributable to closure of legacy orders and a passing of higher-margin orders, right?

Correct.

Okay. My second question is on the Dangote phase two refining opportunity, which was mentioned in Q3, when you expected inquiries within one or two quarters and order finalization around Q3, if I'm not wrong.

Has EIL issued any RFQs, and are you prequalified for both fired heaters as well as reformer packages?

Basically, we have received both the inquiries, and we're basically prequalified for both and also for some more like a flare as well. The fired heater requirement is expected to get finalized in this Q1 of this financial year FY27, and the reformer maybe Q2 or Q3.

Sir. That's very helpful.

I'll join back the queue. Thank you.

Thank you.

Good afternoon, sir. First question is, can you give an update on the waste handling package which we were expecting to get closed, 200 to 250 crore, and also on the clean fuel project, similar value?

Hi, Aman. Basically, the waste gas handling opportunity is the export.

It should get finalized anytime, and we're almost in the final commercial discussions, etc., and it's kind of maybe a week or two, that's what we're expecting to get closed. I think you're talking of the clean aviation fuel project, the price bid has been opened, and we have lost that opportunity.

We are not the lowest one.

Sir. Second question is, couple of domestic projects are coming online where feasibility study has almost started, BPCL, the big one, and Haldia, MRPL, IOCL.

Could you give some project timelines roughly when do you see the bid pipeline opening up for these three, four projects?

Basically, as far as domestic market is concerned, there are certain opportunities in terms of the green initiatives as of now, which certain inquiries are already out, we expect it to bid for that soon. On the energy market or in terms of the petchem and the oil and gas what you're mentioning about the BPCL Andhra or the other of IOCL Paradip and Haldia, etc., I think it would take some time because considering the current situations and also the crude oil pricing, which is affecting the Indian refiners a bit, we expect it to take a bit of a time for these projects to come online, maybe something like six months to an year or so.

I think that's good for us because we have a lot of export opportunities now, mainly in Africa and Middle East and also Russia, I think we kind of have export opportunities to the tune of about ₹4,000 crore or so which we would be bidding and which would get finalized in about maybe two to three quarters or so.

Sure, sir. My next question is in terms of our execution capability.

If we have orders for, say, ₹2,000 crore, ₹2,500 crore to execute in a year, do we have that capability? Basically,

year-on-year, we're building the capabilities because our order backlog itself is currently stands at ₹1,961 crore, which itself is almost ₹2,000 crore, which we have to execute it over a period of two years. As most of these projects, whichever we bid or in case we get as well, because the execution period generally is about two years or so, we do have a gestation period of time in terms of the engineering, procurement, and the construction at site.

Basically, as the projects unfold and we're already doing that for last two years or so, and we've also reached to a pretty decent stage, that's why we're forecasting a growth of around 25%, 30% in this year itself.

My question was, say, for example, we have to execute Bina project, which is quite big this year, and say, we get some big portion in Dangote also. FY28, can we do ₹1,500, ₹2,000 crore sales in terms of if we get the orders, obviously?

Basically, we also have to balance between our capabilities and what the market opportunities are there, and a kind of a uniform growth mainly from a perspective of the handling capability and also the working capital in terms of the requirements. We will also have to look into that aspect so that what growth is possible to achieve.

As we are looking, around 25%, 30% year-on-year increase looks quite feasible.

Sure, sir. Final question from my side: any major play we have in coal gasification project?

Because lot of things are about to happen in next one, two years. I believe we don't have any play in boiler, but any other process heaters, which is required in coal gasification or any other big of our product?

From the product perspective in coal gasification, there is not really much in terms of heaters requirement is there, but however, in case of technology-based project execution or those aspects we can look into. One more thing is even after coal gasification, basically downstream, people are looking at ammonia and urea because once you have gas, they also have to look at what other options they can do with carbon dioxide and gas.

They are also looking at producing ammonia where we will have a play in terms of reformer or also building the complete plant.

Sure, sir. That cleared my questions.

Thank you.

Hi, sir. Sir, one question.

Sir, operating cash flow in the last three years has been negative. This year, although that has improved significantly, any guidance when can we see that turning positive?

Yeah. Hi, Shobhit.

We have, if you see from the last year, we have improved a lot in terms of the operating cash flow. I think this improvement will continue further in terms of we are working on the working capitals improvements on a day-to-day basis to improve this overall cash flow position from the operations.

It also depends on the project, actually, Shobhit, because earlier we had more orders, majority from the PSUs, where the payment terms are quite skewed, most of the payments are towards the end, whereas now the projects are more also with the private customers, and if it is from exports, then basically the better payment terms in terms of the down payment and things like that, so that helps in improving our cash flows. We're consciously trying to achieve

a Can we say that number turning positive in FY27? It

is a positive number.

Operating cash flow you are talking?

Yes, sir.

It is positive, not in a large scale, but yes, it is positive, at least.

Got it. Thanks, sir.

Hello. Good afternoon, sir.

Thank you for taking my question, sir. Firstly, congratulations on a really great performance in Q4, sir.

Sir, just wanted to understand what is the seasonality in our business, right? Is Q4 the heaviest or how does that work, sir?

Hi, Darshan. Generally, the Q4 has been the heaviest because of various reasons in terms of also the supplies from the suppliers and generally how it turns out in these industries.

We're trying to the extent possible, but I think ideally Q1 would be I would say the revenue would be lower, and Q4 would be the highest, and Q2 and Q3 would be moderate. Okay.

Sir.

Q1 would be ideally the lowest, sir. Sir, just wanted to understand, with the war and the geopolitical situation, has that impacted the higher cost of goods for us or do we have the ability to pass it on, sir, how would that factor into our EBITDA margin, sir?

Basically, see, Darshan, in terms of last quarter, it has not impacted us much, except maybe few delays in terms of the export shipment or the import shipment. Other than that, it didn't impact.

There could be a little bit of issues in terms of the commodity pricing, basically, and that's how we also don't want to do too much of a positive side on the EBITDA margin, we're doing a bit conservative approach as well.

No, that's really fair, sir. Sir, just we have a lot of I think you were talking about ₹4,000 crore order bidding, ideally, for the year, what is the inflow we are targeting, sir, and will any of that new inflow get converted to revenue in current year itself?

Whereas we've given a guidance of around ₹2,000 crore, but if we get new orders, we can overperform, I think, right? About 20% about 20% growth.

We can, I think, overperform that, na, if we get new orders, or how would that ramp-up be of new orders, sir?

Basically, yeah, we have kind of projected a 25% to 30% revenue growth for the next year, but in case of any new orders do come, however, the new orders, they do take some time. Generally, for the first two quarters, the revenue booking will not be there or will be very, very minimal.

Third quarter onwards, in any of the large orders, the revenues do start booking, yes, if we do get sizable order in the Q1, we could see some visible revenue in Q4 also. There is a chance to outperform the expected revenues in the next year as well in case we get some good orders in the Q1.

Fair enough, sir. What is the order inflow target for this year?

What do you feel out of the bidded, what would be our win rate, sir? How much could we convert, sir, or

See, generally, our conversion rate has been 25% to 30% whatever the bid pipeline we bid, from that perspective, yeah, if we're able to get somewhere around ₹1,300 to ₹1,500 crore of order book, that also would be good enough for the growth what we are anticipating for next say, two years or so.

Okay. Sir, and for this, will we need any more capex, sir?

How is our utilization in that terms? I'd

say to achieve this expected revenue growth for next year, that way, we don't really need much of a capex. Yes, we are trying to establish maybe a comparatively a smaller facility domestically as well, just to do some critical work, whichever is the more critical fabrication and have some critical items storage kind of a thing.

We're looking at that option because currently our facility is mainly meant for the export.

Okay. How much would that capex entail, sir?

Just going a bit beyond that, right, by FY28, we would be near full utilization, right? Any plans either organically or inorganically type of growth that we would want to do in terms of capex?

No, it will not be a much amount per se. It will be just a smaller amount, even if we do certain investment per se.

Fair enough. I'll get back in the queue for more questions, but yeah.

₹10, 15 crore, yeah.

Okay. Fair enough, sir.

Thank you.

Yeah. Thanks for the opportunity, and strong set of numbers, sir.

Sir, just one question on the part of Dangote. I know that entire street is excited about that only.

Sir, with regard to that, how is the competition there? Say, earlier we used to hear the name of Heurtey only.

Now we are hearing that Technip and various other bidders are also there at this time around. How's the competition there?

Say, you have highlighted the timelines for that, but can you brief just about the competition there?

Hi, Kamlesh. Thanks.

See, basically, what we've seen is Dangote, obviously, EIL being a consultant, EIL approval list also is there. Generally, they do go as per the EIL acceptance, though Dangote is a price-conscious customer, but what we have seen is they do accept only very reputed suppliers in terms of this being very critical equipment.

Though there are some bidders from, say, China or not so reputed bidders from Europe, we don't think that Dangote would consider them. In terms of, yeah, your specific question about Heurtey, Heurtey do not quote for EPC projects nowadays, mainly in a country like Nigeria, and that is the reason there are a couple of other reputed European players in competition with us at Dangote this time.

We'd be quite sure the way things are, the competition will be very fair and only with the very reputed players only.

Right, sir. Great.

Sir, apart from that, this fertilizer project is also there. What timeline do we see there, sir?

That is exactly I mentioned about the reformer. Reformer is for the fertilizer project which is coming up, where we have already received the inquiry, and so the bid submission would happen in the Q1, and we expect the finalization either in Q2 or Q3.

Okay. With the refinery part, say, the bids have been put in.

It's just a matter of time who is the winner there.

With the way situation is, I think it would get finalized in Q1, apparently it looks like that, or maybe a few weeks here and there.

June,

July. Correct.

Great, sir. Thanks a lot, sir.

Thanks a lot.

Hello, sir. Congratulations on this set of numbers.

Just wanted to add on to the cash flows and operating cash flows. We have seen a good set of growth in revenues and profits, but cash flow from operations was still negative.

A major reasons could be an increase in unbilled revenue this time, and if yes, what's the conversion period of this unbilled revenue into cash flows? See,

conversion period for this unbilled is, basically, mainly the new projects which we are doing at this point of time in the cracker furnace and process plants, okay. These are expected to convert in another three months' time these are expected to convert in the cash.

Okay. These are private table contracts only, right?

Sorry?

These are not from PSU, that's what I meant, right?

These are primarily from the private customer only.

Okay. The other question is, what's the current exposure of JNK Global in our order book of ₹1,960 crore as of now?

As of now, it is about ₹1,600 crore or so,

Anshul.

That's mainly because of BPCL Bina, which is large-size project,

yeah, yeah. Okay.

Sir, just one last question on the margins front. We saw a big compensation of margins last year due to change in accounting policies, etc., and due to execution of old legacy orders as well.

Can we pretty much assume these are the normal margins level that will be continued, and any sort of guidance for margins going ahead in FY27?

Anshul, I think our endeavor is to keep the margin around the similar lines what we have achieved in Q3 and Q4, so that is about 14% to 15%, yeah. I think we'd be quite hopeful that we should be able to achieve that.

Sir. All the best.

Thank you.

Thank you. Thank you, Anshul.

Congratulations on a great set of numbers, sir. Just wanted to ask about the ChemDist opportunity going ahead.

As it currently contributes around 7% of the total turnover of the company in just six months of operations, how do we see it inching up going ahead? Also, if you could highlight how is the order book shaping up there and bid pipeline?

Just a qualitative color on this.

Yes, yes. See, no, we definitely feel it's such a good kind of a JV startup for us, and we're kind of quite bullish and quite confident about the way things are going.

For information, they've already received a green hydrogen project from Hydrogen Valley, Pune in the last financial year, which will be executed in this financial year. Yes, as you said, the revenue was about 7% by six months of operation, and this year onwards, for first couple of years, we kind of confident of adding about 10% to 15% of revenue to our books from ChemDist.

More than that, I think we could see some technological good opportunities in terms of green hydrogen or clean fuels because they have a different kind of technology, not a typical electrolyzer or the normal technologies which are there in the market, which we feel could add value as we go ahead more and more.

Got it. Got it.

Thank you for the detailed explanation. That was it from my side, yeah.

Thank you.

Thank you.

Hello. Am I audible?

Yeah.

Maitri. Sorry for the basic questions, but I'm new to the company.

Firstly, on the capacity side, you said our current capacity is only executing export orders, and our order book has close to 2.5% of export orders. Most of our domestic orders are being kind of done outsourced?

Are we manufacturing them with outsourcing facilities? How is the capacity working?

Yeah. Yes, Maitry, basically, see, the products what we have has a strong design and engineering background, the more focus is on the thermal engineering and mechanical engineering, which is completely done in-house.

We have about 120 engineers who are into the engineering aspect of it. That's the core technological advantage what we have.

As far as the manufacturing is concerned, the fabrication can always be done outside because it's pretty complex and large structures, it's easier if you're able to do it more closer to the site considering the logistic issues in India. That's how we, depending on the projects where the orders where we have, we select a suitable or approved fabrication shop, or we could also do the certain work at site as well.

This is how we execute the projects. Also, there are a lot of specialized bought-out components, which we buy from approved suppliers from India.

That's great. Secondly, on the JV that we have, you mentioned that we'd want to grow to a 10% to 15% revenue contribution from there.

Do you have a specific order book for that or is it currently included in our ₹1,900 crore backlog?

Currently, the order backlog from there is about ₹70 crore or so, so that's included in the consolidated order book what we have, yeah.

Okay. Are we bidding for more orders?

What sort of bids do we have right now on this side?

In the JV or in the main company, Maitri?

No, in the JV.

In the JV. In the JV, there are many opportunities, and they do have a bid pipeline of almost something like ₹200 crore, mainly in chemical, pharma, and what are the related projects for the equipment and technological projects.

Since you said with unique technologies, do you get a better margin on these, like upwards of 15%, 17%? How do the margins scale-up happen on here?

Also for the JV, the

₹70 crore revenue No, currently the technologies are not yet commercially proven. We just have one first project from Hydrogen Valley, Pune, which will be implemented this year, it'll take maybe couple of years more where the technologies what they have in the R&D and in the certain TR stage will get approval and which commercialize.

Only after that, we could see a margin improvement with ChemDist. As of now, we're doing more projects on a competitive basis.

Competitive. Got it.

Any capex number you mentioned you said you're going to put some smaller capex plant

Correct,

that for critical

components? That's the only plan what we have as of now.

Any quantum to that, how much you're investing?

That could be about ₹10 to ₹15 crore or so.

10, 15 crore, okay. For FY28 as well, we're expecting a 25%, 30% growth.

Is this us being on a conservative side or are we seeing the order inflows coming in on the later half of this year, then being executed in FY29? Today,

considering our current order book and the bid pipeline what we have, the growth of around 25%, 30% for next two years is what looks quite practical and achievable, Maitri.

Okay. That is it from my side.

Thank you, all

the best. Thank you.

Congratulations on a great set of numbers, sir. My question is with respect to the Dangote where we are bidding for the project.

Is it a combined bid with JNK Global or it is a standalone bid in both the packages?

Hi, Amitabh. It would be a combined bid because basically the first project of refinery phase one was executed through JNK Korea, they were the prime bidder at that time.

That was about eight to nine years back, and we were quite small at that time. It could be a combined bid.

JNK Global would be the main bidder.

Okay. Most of the project management will be done at our end.

Will be that

As of now, yeah, yeah, that's the plan. Most of the execution, engineering, management, everything will be handled from India.

Okay. I have one small question with respect to green hydrogen.

When we are talking about green hydrogen this time, do we have any pipeline, can you just share some contour of kind of projects which we are looking at? Although it would be very small, but can we draw where ChemDist equipment would be used?

Are we seeing some action on solar EPC side also because in past we have referred to that also? That.

Yes, Amitabh. In terms of the green hydrogen, see, basically ChemDist has a couple of the different technologies towards green hydrogen, they don't really traditionally have the electrolyzer or such technology.

What they do is from the green ethanol, they would produce a ethyl acetate and hydrogen. Where hydrogen is a byproduct, so that's where the basically cost optimization happens, the cost of producing hydrogen works out much less.

That is what Hydrogen Valley was impressed, and they awarded that contract to ChemDist. This is the kind of a technology they use, which is more based on that they have a special catalyst wherein the advantage is you don't have to go through a traditional route of acetic acid for manufacturing ethyl acetate, from ethanol to ethyl acetate plus you get a hydrogen as a byproduct at a lower cost.

There is no kind of a defined market as of now for this because the technology has to be proven on a commercial scale. With this plant we're putting up in this year, we hopefully to ensure that we prove it and run it in next year.

After that, there could be a larger opportunities for that.

Okay. About any solar work we are planning?

Solar work, no, the intention of doing solar work was for putting up the green hydrogen projects. We do get qualified for the green hydrogen project even on an electrolyzer basis because of the reformer technology, we handle the grey hydrogen, based on that, we do get approved for green hydrogen projects as well.

When we had initially quoted for couple of projects, we just wanted to have a solar EPC along with that. As on standalone, we're not keen to do on a solar EPC because we don't see much of technological value addition and value creation in that area.

Okay. Wonderful.

Thank you for answering all.

Thanks, thanks.

Hello, am I audible?

Yes, Saurav, you are, yeah.

Congrats for great set of numbers, sir. My question is more on the contract and raw material pricing.

Some of these contracts are executed over two-year-plus period. If the raw material prices increase, do we have clauses to pass it to the client or how does it work?

Hi, Saurav. Generally, we do not have the clauses to pass it on to the customer.

There are some PSU customers where those clauses are there, but to a very, very lesser extent. However, what we do is to the direct commodity exposure is not so much, it's quite limited for us.

However, what we do is whatever the exposure is there, we try to place the order immediately within, say, first month or one or two months of we receiving the large contract so that we've done the pricing accordingly and we also close those contracts immediately.

Okay. Sir, my second question is on the total addressable market.

In the oil and gas refinery sector, whatever projects are there, is there a ballpark estimate like 2% to 3% of that project cost is what is our target market if we want to get a sense of it? Second related question is, because bulk of our current revenue is coming from domestic market, are we targeting only domestic or do we have plans for export market also once we reach certain order execution size, and what will be the addressable market there if you can combine the domestic and global addressable market and give some color to it?

Saurav, see, basically, to answer your first question in terms of refineries and petchem or these kind of projects, so that is our traditional products only, which is fired heaters, reformers, cracking furnace, and now on say flares and incinerators, basically the percentage of the project value what we can target is something like maybe 6% to 7% of the total project cost. That's the kind of opportunity what we have.

However, what we're also doing is that, as we are growing, we're trying to have more diversified, but technologically niche product portfolio as well. That's how we kind of executed couple of other opportunities wherein technology-based process plant and also green fuel projects, we're quoting some of these kind of opportunities as well.

We do get qualified for such opportunities, and which is pretty niche in nature and has a technology advantage. For us to get into that field as well.

In terms of exports and domestics, this depending on the opportunities what we have and what kind of advantage we can get going over a period of time, that's what we focus on because we've traditionally done a lot of exports as well. We've done exports to Nigeria, we've done exports to Mexico, and we've also done exports to Algeria and Middle East as well.

Yes, currently in last two, three years there's been more domestic because a lot of large opportunities came in India, that's why we're focusing on domestic. However, our bid pipeline, as I mentioned earlier, is now more towards exports, we'd be quite confident that next two, three years exports also could be scaled up substantially.

Okay. Sir, margins are similar in exports or is it higher or lower compared to domestic?

It generally depends. In a comparison mode, it could be slightly better, but yeah, there are also certain issues in terms of whether it is including the construction, without the construction, just the engineering and supply and things like that.

Also depending on the competition landscape and the type of projects what we have, whether it's just a product-based or for a large complex project. Some projects could be slightly better, whereas if we really want to enter a country or enter into a new market, we may have to give a bit of a more competitive nature to ensure that we get the orders.

That way.

Got it. The last question I have, because we get lot of IP and parent support from the parent organization, I'm new to the company, I'm still studying, but is there some kind of royalty structure, and if so, what is it?

Do you see any change in the royalty structure and all for next two, three years if there is so?

The currently arrangement is that any projects they bid outside Korea, basically they take our support and most of them are subcontracted to us at a agreed price before the pre-bid itself what price we quote based on that. There's no royalty for that as well because it's already subcontracted to us.

In case we quote outside India, if it's within India, there's no royalty as such. However, if we quote outside India and we take the orders in our name, that is on JNK India, for the items which are common with JNK Global, which is fired heaters, reformers, and cracking furnace.

Then we do kind of pay a technical fees to them up to 2% of the order value. It can also be negotiated

What is the share of such project in the order book now?

Currently, I don't think it is anything significant in terms of what we have taken the orders directly from the exports is not much because most of the orders what we have is domestic, either on JNK India's name or domestic through JNK Global, but on JNK India, that way. There's no royalty per se for that, yeah, yeah.

Got it. Thanks a lot, sir, and wish you all the best.

Thank you,

thank you.

Hi, sir. Great set of numbers.

I'm also new to this company, tracking it. I just want to understand, out of our current order book standing around ₹1,900 CR, what would be our execution timeline, sir, based on our current capacity?

It's about two years is what, within, say, next two years we'll have to execute them, yeah. A quarter here and there depending on the project completion stage and things like that,

yeah. Yeah.

For full year FY26, what was our capacity utilization, sir?

See, for us, there is no exactly capacity utilization per se because, as we discussed earlier, it depends basically there are two main key factors what we have: one is the manpower, the people who can actually design and do engineering and the procurement and project management in the company, and the other is obviously the working capital, which is required to execute the project. In terms of actual manufacturing or the site work, that we can also do outsourcing.

Understood, sir. Sir, one more question on the order book.

Can you also let me know what is the split between the JV order book percent versus our legacy business order book percentage?

Out of ₹1,961 crore, JV is about ₹67 crore or so. So ₹1,890 crore is the JNK India order book, and out of ₹1,890 crore, the legacy orders would be about ₹40, 50 crore, maybe around ₹40 crore or so.

So 1,800 19 1,850 crore would be all the new order book.

Understood, sir. One last question, sir.

Based on our currently bid pipeline for the next year ending, what is a tentative or any range of the order book if you can share that we could end in after one year?

That's quite a say difficult

Any rough estimate, sir,

not exact. Yeah.

Say, last year our order book was about, say, ₹1,000 crore, and this year it's about ₹1,900 crore. Considering the opportunities, bid pipeline what we have, and the kind of execution what we are expecting in this year, we've hoped to cross around ₹2,000 crore order book next year.

Okay. That is it from my end, sir.

Thank you. Thank you for this question.

Thank you. Thank you.

Yeah.

Hi, sir. Thanks for the opportunity.

Most of my question has been answered. Sir, actually, if you see the order book, majority of the order actually from the JNK Global.

In the last call also, you have mentioned that since our execution is very good, they have proven some Africa. Are we going to build on our own like a bigger order?

Can we expect the individual company orders in a going ahead?

Hi, thank you for the question. See, basically, we do already bid on our own for bigger orders as well.

One of the cracking furnace order which we are executing currently in India is been bid by us directly, and we are executing it on our own. There are two orders, the size is about ₹650 crore is what we'll be completing the execution this year.

Wherever it is, because these are very technically complex and also commercially, so many requirements the customer has to meet the bidding criteria, it depends on that whether we do get qualified sometimes and sometimes we don't, we have to take a support from JNK Global. The intention is to get qualified for the critical project so that our qualification criteria improves as we go ahead, and we can execute more yeah, and do get qualified for more critical projects.

Okay. Sir.

That's good. Sir, in our bidding pipeline, you said roughly around 4,000 CR the pipeline is there.

In that, how much order book is there in a pipeline? From individual bidding without JNK Global?

In the,

I would say, 4,000, yeah, crore of bid pipeline, there would be about, say, ₹1,500 crore on JNK India itself, which we've bid or which we will be bidding, and about 2,500, 3,000 crore is what along with JNK Global. It's not only from a say criticality, from a point of view of the PTR or the proven track record of the technicality, it's also from a commercial standpoint sometimes it does help because in India, because these are in the large contracts the bank guarantee requirements are also quite large.

Getting the bank guarantees in India is still a bit of a difficult situation wherein it is comparatively I would say easier in Korea. It also makes our life to that extent easier wherein if JNK Global is there, they can submit the bank guarantee, and it is easy for the cash flows and the working capital as well.

Got it. Got it, sir.

Sir, one more question about the margins. You mentioned that 14% to 15% range you are going to continue in the going ahead.

Previously, two years back, we used to really enjoy a very good high margins. Maybe not immediately, after two, three years, are we going to go into that kind of number in the future, like 20-odd EBITDA margin?

Actually, 20-odd one was only for a year or so. Basically, earlier we were executing comparatively much smaller product-based orders, the order value was about ₹50 crore, ₹100 crore or so.

The technological advantage what we had was easier to get a comparatively better margin, but as we have now increased our scale and also in terms of the quantum of this order values, now the order values are upwards of ₹500 crore, and the projects are including the site installation and also very critical and complex nature, also goes for a period of, say, two years to three years. Considering all this, we feel the EBITDA margin of 14% to 15% is more sustainable and it also makes, I think, more practical to achieve them and guide them for future as well.

Okay. Got it, sir.

Sir, for the end of geopolitical conditions, I know you are mentioning 14% to 15%, even with this fine situation, with FY27, are you sure about maintaining this margin, 14% to 15%?

That is what, considering the current order book and the current situation, that is what we feel we should be able to achieve.

Okay. Yeah.

Yeah. The last question, if I may.

Actually, in the backlog of JNK Global, around 1,000 crore were there. How much what is the number we are going to expect the remaining backlog from the JNK Global order from this year, in this current year?

Can we expect another 500 to 600 crore of order inflow from the JNK Global?

It depends. It's kind of a bit difficult to exactly answer that between JNK Global and direct, but comparatively in the bid pipeline, as I mentioned, the more opportunities are along with JNK Global because these are quite large projects in Nigeria and this thing.

Because of which, yeah, the order per se inflow could be more along with JNK Global for the new year as well, in this year as well. Okay.

Okay.

Thank you. Thank you so much, sir, for answering all the questions, and all the best, sir.

Yes, sir. My next set of question is on the, sir, export business.

You talked about Middle East can be an important piece for us. Could you talk about how big can this business become for us in next one, two years?

Also, Russia has been stuck for many years, is there any change now? On USA, we had won some initial orders, but we haven't heard any repeat orders, could you update these two, three things on export business?

Then I can talk about next question.

Hi. Middle East, we do, as I said, there's an expected kind of a order finalization, which is in Middle East.

Other than that, there are certain investment expected, there's already one fertilizer project which had a large opportunity, however it has got a bit stuck, possibly due to the current situation. That should also open up.

Say next, say, two, three years, we do feel there could be an opportunity upwards of, say, $200, $300 million in Middle East, something like that, depending on the fertilizer and the petchem opportunity. Other than that, in terms of Russia, yeah, yes, there were big projects which we had bid, but they got stuck for last two years or so.

Now one project which they kind of quite in advanced stage of discussion, they're saying that they would finalize in quarter or two. We still have to see how does it pans out.

In the US, we are trying to do some inroads, and the first supply is almost getting completed now, the first order what we had received. We hope that we could get some more opportunities as well.

Sure, sir. My next question is, earlier, sir, H2 used to be dominated by H2, which used to be almost two times H1.

For this year, it was almost equivalent, 55-45. Do you expect such ratio to continue for FY27?

One minute, Aman.

I don't think we did a 55-45 in H1 and H2 because as I saw, even this year, H2 is dominant in comparing to H1. It is in terms of revenue you are mentioning?

Yeah.

In terms of revenue, right? In terms of revenue, right?

Yes,

yes, maybe 40-60 in that case, so.

No, I think what we did about, if I'm not mistaken, we did about similar fashion, I think we did about 65% in H2 and 35% in H1. I think which is almost, H2 was almost double of H1.

We will try to see if we could be a bit more uniform, but yeah, there are a lot of related issues in terms of the supplies and things like that, yeah.

Even for this year, whatever we are guiding, 25%, 30% growth, it is mostly, say, two-third will be in H2 only, the Bina and the bigger ones deliveries and

Could be around 40-60 or so, that's the kind of a this thing what we're looking because, then what happens, Q4 becomes heavier, then the Q1 becomes a bit on the downside, based on that, we can anticipate something like 40-60.

Sure, sir. Final question is on cracking furnace side, sir.

When do you expect another big orders from this side of the business?

It depends. See, and it's not only that cracking furnace is a big opportunity, reformers also is a big opportunity.

Like currently what we're bidding for say fertilizer projects for reformers, that is also almost very big size of opportunity. Even the fired heaters or the similar project can also be big opportunity.

We do have such opportunities in other than the cracking furnace as well, even for this year. For say per se specifically for cracking furnace, I think the opportunity could come sometime in FY28.

That you are expecting from the same BPCL Andhra only, right, or any other project also?

BPCL Andhra is there, and there's also a expected cracker in Africa, and also IOCL Paradip also is a bit of a stuck for time being, so that could also come up, yeah. Sir,

Haldia we are not active or bidding because that might come If

it comes, because we are in the licenser-approved per se, so as long as the project moves and there is traction, we would look at bidding for Haldia as well.

Sure, sir. These were my questions.

Thank you. Thank you.

Thank you.

thank you for all the questions, and you can reach us reach to Anne for any further clarifications on these. Thank you.